Uncategorized

Hagan urges Republicans to approve Cordray as CFPB head

Senate Republicans rejected a motion (53-45) Thursday to begin confirmation proceedings for Richard Cordray as director of the  Consumer Financial Protection Bureau.

Republicans have been open about their opposition to any nominee, saying that they first want changes at the CFPB. They maintain the Bureau has far too much power and too little accountability.

But U.S. Senator Kay Hagan believes Cordray is a good fit, and says the CFPB needs to be an independent watchdog to protect consumers from some of the abusive lending and mortgages practices that led to the financial crisis. On the Huffington Post’s website, Hagan writes:

“As a State Senator, I remember witnessing the effects payday lenders had on thousands of North Carolina families — trapping them in endless, long-term debt that forced many of them to declare bankruptcy. It took considerable effort to put a stop to this practice in our state.

And we need a strong CFPB Director to rein in the predatory lenders who continue to prey on American families across the country.

Richard Cordray would be a strong director for the CFPB. He has a long history of fighting to protect consumers in Ohio, and he’d be in position to do the same for the American people as the head of the CFPB.”

Until a director is in place, the CFPB does not have the authority to investigate or oversee nonbank lenders, payday lenders, debt collectors and other questionable financial practices.

So now that the Senate has blocked the nomination, what’s next?

President Obama has hinted Cordray may still get the nod to lead the agency, as a recess appointment.

One Comment


  1. david esmay

    December 8, 2011 at 7:39 pm

    Recalcitrant and obstructionist, the GOP proves one again they are owned by corporations, and don’t give a damn about those they purport to represent.

Check Also

The Week’s Top Five on NC Policy Watch

1. Former House Speaker tried to strong-arm DEQ ...

Top Stories from NCPW

  • News
  • Commentary

A key House committee signed off on the chamber’s public school budget report Thursday, despite Demo [...]

Harold Brubaker, the former Republican House Speaker turned powerful lobbyist, tried to ram through [...]

A bill to limit local regulation of small cell towers is moving to a full House vote, despite concer [...]

The U.S. Supreme Court ruled Monday that the North Carolina GOP drew unconstitutionally racially ger [...]

The most shameful thing about the disastrous budget passed by the Senate two weeks ago is not the vi [...]

Court setbacks, public opinion, progressive activism and Trump bode ill for NC conservatives Profess [...]

So, the question as always comes down to one of vision. The elected chieftains who decide how much m [...]

2.8 billion---amount in dollars of needs in communities across the state for rebuilding efforts from [...]

Featured | Special Projects

Trump + North Carolina
In dozens of vitally important areas, policy decisions of the Trump administration are dramatically affecting and altering the lives of North Carolinians. This growing collection of stories summarizes and critiques many of the most important decisions and their impacts.
Read more


HB2 - The continuing controversy
Policy Watch’s comprehensive coverage of North Carolina’s sweeping anti-LGBT law.
Read more